Gunsynd PLC Pacific Nickel Update (3919O)

TIDMGUN

RNS Number : 3919O

Gunsynd PLC

07 October 2021

Gunsynd plc

("Gunsynd" or the "Company")

Pacific Nickel Update

Gunsynd Plc (AIM: GUN, AQSE: GUN) notes the announcement today by its investee company Pacific Nickel Resources ("Pacific Nickel"), which is listed on th e ASX (ASX: PNM).

Pacific Nickel has advised that it has completed an initial JORC (2012) mineral resource estimate for

Prospecting Licence PL 01/18 (Jejevo tenement) on Isabel Island, Solomon Islands. The mineral resource estimate was carried out by Mining One Pty Ltd (Mining One), an independent consultant to the Company.

Overview:

-- The Jejevo JORC mineral resource area is located within PL 01/18 and is located on Isabel

Island in the Solomon Islands.

-- JORC validation drilling program completed in June 2021 has provided confirmation of historical drilling data.

-- Total JORC mineral resource estimate at Jejevo is 14.42 million tonnes at 1.29 % Ni at a 1.0% Ni cut-off.

-- In addition there is a conceptual resource extension target at Jejevo of a further 3.0 million to 5.0 million tonnes at 1.2% to 1.6% Ni.

Pacific Nickel holds 80% interests in two nickel projects, the Kolosori Project and the Jejevo Project, both located on Isabel Island in the Solomon Islands. Both are advanced stage direct shipping ore nickel laterite projects with excellent potential for development. Pacific Nickel has now commenced feasibility studies in respect of both projects. Both projects have a number of positive features including their close proximity to the coast, no processing requirements, low capital route to direct shipping ore production and local landowner support.

Pacific Nickel previously reported a total JORC (2012) mineral resource estimate at the Kolosori project of 7.28 million tonnes at 1.46 % Ni at a 1.0% Ni cut off . The JORC (2012) mineral resource estimate for the Jejevo and Kolosori projects combined totals 21.7 million tonnes at 1.35% Ni at a 1.0% Ni cut off.

Pacific Nickel has recently applied for a mining lease for the Kolosori Project . Prospecting Licence 01/18, which contains the Jejevo project, was recently renewed by the Solomon Islands Minister of Mines, Energy and Rural Electrification for a period of two years commencing October 2021. Pacific Nickel intends to apply for a mining lease over the Jejevo project in 2022. The feasibility study and environmental impact statement (EIS) will be the two key documents for the mining lease application.

Hamish Harris, Executive Chairman, commented: "It's pleasing to see momentum gathering on this project. Much progress has been made in 2021 and we look forward to receiving news on mining licence applications in the future".

The directors of the Company are responsible for the release of this announcement.

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.

For further information please contact:

 
Gunsynd plc 
 Hamish Harris / Peter Ruse      [phone] 
Cairn Financial Advisers LLP 
 James Caithie / Liam Murray     [phone] 
Peterhouse Capital Limited 
 Lucy Williams                   [phone] 
 

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October 07, 2021 07:47 ET (11:47 GMT)